Student loan forgiveness

Chew Toy McCoy

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I don’t think I can get behind this. All improvements to lower the cost of higher education should be going forward starting with free state (the way it used to be, at least in CA) and Jr colleges. Higher-cost institutions can still exist. To this point nobody has been forced to go to college with a gun to their head, although that is possibly how it goes for some cultures.

I have to agree with some on the right that if you stop guaranteed government loans then the cost would drop dramatically. For people who respond “Then only the rich can go to college?!?!?”. There aren’t enough rich people to sustain college institutions. They’d still have to lower their cost to accommodate lower incomes to stay open.
 

Alli

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I would love to see student debt forgiven for all students from low-income families. Not for every student. There has to be a start to providing the possibility of generational wealth.
 

ronntaylor

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Biden to Cancel $10,000 in Student Loan Debt; Low-Income Students Are Eligible for More

Some details stood out:

“All of this means people can start finally to climb out from under that mountain of debt,” Mr. Biden said in remarks from the White House. “To finally think about buying a home or starting a family or starting a business. And by the way, when this happens the whole economy is better off.”

And more importantly:

Mr. Biden also proposed various changes to the repayment system — which would need to be implemented through rule-making by the Education Department — that would slash many borrowers’ monthly bills. He is seeking to let those with undergraduate loans cap their payments at 5 percent of their discretionary monthly income, down from the 10 percent ceiling currently in place on most income-based payment plans.

He is also seeking to have the government cover the monthly interest for those making payments — even if their payment is zero, because their income is low — so that borrowers’ balances won’t balloon. Under the current system, interest still accrues, and many borrowers find themselves falling deeper into debt even as they make their monthly payments.
 

Eric

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fooferdoggie

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GermanSuplex

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I mean, how much clearer can republicans publicize the fact they don’t care about the poor or working middle-class? Fist-bumping each other after killing a bill to help veterans, crushing abortion rights and access, voting down emergency aid during a pandemic, and whining about a portion of people’s student loans being forgiven. Wake the hell up America, these people don’t care about you.

Meanwhile, these jerkoffs take hundreds of thousands of dollars - or millions - of the same benefits they consistently try to deny others. You mean to tell me MTG didn’t vote down a socialist loan forgiveness out of principle?! 🙄
 

lizkat

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The right is howling over this. Meanwhile…


I wonder how many college educations could have been paid for based on this small list alone. Holy shit this is a party of hypocrites.


Hah, the House Judiciary twitter account strikes again. Most of their tweets are over the top anyway, so that one didn't strike me as any different: maintain tunnel vision on their own talking points and to hell with anything else.

That said, It's possible --or one can hope likely-- that the loans on that list were forgiven because the borrowers had met the rules. Congressman Vern Buchanan (R-FL) for instance owns 3 car dealerships so presumably the loan was to cover pay for the employees of those businesses... Of course it helps if you have enough money left over from saving jobs and protecting paychecks to help underwrite costs of a really good accountant to sweep up any loose ends for the Small Business Administration auditors...

 

ronntaylor

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so presumably the loan was to cover pay for the employees of those businesses
Yeah, but only by "at least 60%" of payroll. So the biz could've done whatever with 40%. And oversight was a joke. So there was tons of abuse and likely no realistic way to find out completely and get reimbursement of fraud.

Added a better analogy

 
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fischersd

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Think of how many Hawking's and Einstein's our society has missed due to the barrier of higher education being so expensive.

Level the playing field I say - free education for everyone that wants it. The spoiled rich kids will need to work for their Daddy's their entire life, as they won't have a leg up on anyone else.
 

rdrr

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I would love to see student debt forgiven for all students from low-income families. Not for every student. There has to be a start to providing the possibility of generational wealth.
I thought that the $125,000 cut off in salary was a little high, I was think more in the lines of 90k? My daughter's first job out of school was 45k as a starting salary, but that amount isn't a whole lot compared to what it was a decade back.

At least they are forgiving 20k for students who got a pell grant. Typically only given to those of lower income and greater financial needs like a single mother.
 

rdrr

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I don’t think I can get behind this. All improvements to lower the cost of higher education should be going forward starting with free state (the way it used to be, at least in CA) and Jr colleges. Higher-cost institutions can still exist. To this point nobody has been forced to go to college with a gun to their head, although that is possibly how it goes for some cultures.

I have to agree with some on the right that if you stop guaranteed government loans then the cost would drop dramatically. For people who respond “Then only the rich can go to college?!?!?”. There aren’t enough rich people to sustain college institutions. They’d still have to lower their cost to accommodate lower incomes to stay open.
While I agree that something has to be done about the rising tuition costs of Higher Ed, I think this was a good start. An average student graduates with $21,000 in debt, and starting salaries for most students tend to be 40-50k.

Note: The above figure of $21,000 of debt was something that was quoted to me during the new student orientation for my daughter in 2016. So it's got to be higher now.
 

Joe

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Republicans know it's easier to get people worked up about stuff they can see....like their neighbors getting student loan relief or food stamps. People SEE that but they don't care enough to see all the corporate welfare. It takes a little more work and thought to see that.
 

rdrr

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Republicans know it's easier to get people worked up about stuff they can see....like their neighbors getting student loan relief or food stamps. People SEE that but they don't care enough to see all the corporate welfare. It takes a little more work and thought to see that.
Exactly. All the positive press that you read when company X is coming into town. People don't see the quite part where that company is getting tax breaks and incentives to move into the area. Plus it always doesn't equate into more jobs, especially if it's skilled labor that usually is automated. Remember all those American jobs that Trump touted in 2016-2017 that ended up being an automated manufacturing plants.
 

ronntaylor

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Republicans know it's easier to get people worked up about stuff they can see....like their neighbors getting student loan relief or food stamps. People SEE that but they don't care enough to see all the corporate welfare. It takes a little more work and thought to see that.
It's willful blindness/ignorance. The evidence is staring them right in their face. They just think they'll eventually get in on the gravy train.
 

Herdfan

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It’s still part of the master plan to keep a working class.

If there isn't a working class, who is going to do the work?

Seriously, a kid my daughter went to HS with spent half his day at the Tech Center, formerly known as trade school. When they all graduated, he walked out of school and into a $40K/yr welding job. Probably makes more than that now. But all these other kids were going into debt to get a degree and most likely will end up with a job that doesn't really require a degree in the first place. So after 4 years, he will be $160K to the positive vs how many are 10's of thousands to the negative and if they are lucky will start at $40K, but probably lower.

Too much emphasis is put on "college" as the only way to be successful. And it just isn't for everyone. I went to college with too many people who had no business there but went because they had been sold a lie. Sure if you are going into STEM or other field that requires and education, then yes. But to get a degree just because is not a great idea.

As for this being a good idea, while many of you live in areas where this is supported, not a single person I have spoken to since yesterday does. Many are pissed. And somehow, a year ago, Speaker Pelosi said Biden didn't have the power. And now, somehow he does. This is pandering for votes and will be overturned by SCOTUS when it gets there.
 

Eric

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If there isn't a working class, who is going to do the work?

Seriously, a kid my daughter went to HS with spent half his day at the Tech Center, formerly known as trade school. When they all graduated, he walked out of school and into a $40K/yr welding job. Probably makes more than that now. But all these other kids were going into debt to get a degree and most likely will end up with a job that doesn't really require a degree in the first place. So after 4 years, he will be $160K to the positive vs how many are 10's of thousands to the negative and if they are lucky will start at $40K, but probably lower.

Too much emphasis is put on "college" as the only way to be successful. And it just isn't for everyone. I went to college with too many people who had no business there but went because they had been sold a lie. Sure if you are going into STEM or other field that requires and education, then yes. But to get a degree just because is not a great idea.

As for this being a good idea, while many of you live in areas where this is supported, not a single person I have spoken to since yesterday does. Many are pissed. And somehow, a year ago, Speaker Pelosi said Biden didn't have the power. And now, somehow he does. This is pandering for votes and will be overturned by SCOTUS when it gets there.
I've seen the right wing talking points and not a single one of them yet has acknowledged that students are also a part of the working class.

Wouldn't it be something if Republicans were as mad about children getting slaughtered as they were saving a poor college student $10K on their debt. Their outrage is selective.
 
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